A survey reported in US News, for instance, revealed that 9 out of 10 people consider financial responsibility an important factor when evaluating romantic partners.Three in 10 women and 2 in 10 men said they marrying someone with a bad credit score. Wouldn’t it be a nightmare if you or your child got into your so-called “dream” institution only to end up with a ton of student loan debt that later made it nearly impossible for you to buy a home, work in your chosen field, or even get married down the road?Those who have gone on to graduate or professional school like law school or medical school, may have six-figure student loan debt.
Studies have shown that potential mates today are as likely to evaluate your credit history as your dating history when it comes to deciding if they want to enter into a relationship with you.Even if you’ve made every single mortgage payment on time, a bad credit score can keep you from qualifying for a refinance or severely restrict your refinancing options.As a result, you could wind up paying tens of thousands of extra dollars over the course of your mortgage. A good credit score opens the door for refinancing your student loans and reducing your interest rates down the line.The better your credit score, the more money you’ll keep in your own pocket. Your credit score is also used to determine another metric called a “credit-based insurance score,” which impacts your insurance premiums.In other words, even if you purchase your vehicle in cash, a good credit score can affect your premiums, thus saving or costing you money.Please do your homework and let us know if you have any questions or concerns.